Low Rate Home Loans Comparison

Rates and Fees verified correct on January 24th, 2017

Low Rate Home LoansHow to find a low rate home loan to save money on your interest repayments.

The home that you purchase will be one of your single biggest assets. However, the purchase of a mortgage along with the interest paid over the life of the loan could often equal or exceed the sale price of the house. That is why it’s important to get the best deal on your home loan as possible. To get a competitive interest rate, you’ll need to shop smartly.

You could pay off your home loan sooner with an low interest rate. When comparing these loans, be mindful that a low rate home loan is a category all on its own, with its own specific features and benefits.

Low Rate Home Loans

Rates last updated January 24th, 2017.

Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)

Comparative rate increases by 0.03% | Interest rate increases by 0.15%

December 28th, 2016

Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier)

Comparative rate increases by 0.30% | Interest rate increases by 0.20%

January 6th, 2017

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

Interest rate increases by 0.23%

January 16th, 2017

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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options.
3.98% 4.92% $0 $395 p.a. 95% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.87% 3.92% $445 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.74% 4.12% $0 $395 p.a. 95% Go to site More info
Online Home Loans Horizon - Variable (Owner occupier)
Pay off your loan sooner with a 100% offset account.
3.64% 3.96% $275 $299 p.a. 80% Go to site More info
IMB Accelerator Home Loan  - LVR <=80% $300k+ (Owner Occupier)
A two year discounted rate which reverts to an ongoing life of loan discount afterwards.
3.64% 4.39% $445 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.59% $600 $0 p.a. 95% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
Community First Fixed Home Loan - 3 Years Fixed Owner Occupier special offer (New Loans only)
A limited time fixed rate special with no monthly or annual fees plus a 100% offset account.
3.69% 4.93% $600 $0 p.a. 95% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for Owner Occupier with 100% offset account and no application or ongoing fees.
3.73% 3.73% $0 $0 p.a. 70% Go to site More info
Bank Of Queensland Economy Home Loan - Variable (Owner Occupier)
A basic home loan with additional repayment options.
3.89% 4.04% $300 $10 monthly ($120 p.a.) 95% Go to site More info
Switzer Home Loan
No upfront or ongoing fees and a competitive variable rate for owner occupiers.
3.89% 3.89% $0 $0 p.a. 90% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.89% 3.89% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.24% 4.86% $0 $0 p.a. 95% Go to site More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier)
Special offer for new lending of $150k or more & under 80% LVR, this offer has been extended.
3.99% 4.49% $300 $10 monthly ($120 p.a.) 80% Go to site More info
AMP Essential Home Loan  -  $40,000 to $99,999 (Owner Occupier)
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
4.55% 4.57% $350 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.24% 4.92% $0 $0 p.a. 95% Go to site More info
Switzer Fixed Rate Home Loans - 2 Years Fixed Rate
A competitive 2 year fixed rate with your very own lending service manager.
3.97% 3.99% $0 $0 p.a. 80% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan with no application fees for a limited time.
4.10% 4.14% $600 $0 p.a. 95% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.99% 4.02% $600 $0 p.a. 90% Go to site More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
A packaged low rate interest offer from NAB. Includes mortgage offset.
4.40% 4.79% $0 $395 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR < 80% (Owner Occupier)
Access to redraw facility and offset account without the annual fee.
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features.
4.59% 5.02% $0 $395 p.a. 95% Go to site More info
Westpac Flexi First Option Home Loan - 3 Years Introductory Special Offer (New Owner Occupier, P&I)
A limited time deal for new owner occupiers. Advertised rate includes 1.03%p.a. discount for the first two years.
3.99% 4.37% $0 $0 p.a. 95% More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 5.00% $0 $395 p.a. 95% More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan with a low service fee.
4.19% 5.32% $0 $395 p.a. 95% More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
4.08% 4.09% $0 $0 p.a. 95% More info
Australian Unity Wealth Builder Investor Package Home Loan - Variable
An investment loan with no ongoing fees and borrow up to 90% LVR.
4.19% 4.22% $600 $0 p.a. 90% Go to site More info

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Features of low rate home loans

A low interest rate home loan may sound like the perfect mortgage product, but it is not for everybody. You need to determine what you want out of your home loan and how you intend to use your loan with its features and into the future. Consider your needs in relation to the common features of low rate home loans, which include:

  • A lower interest rate. When compared to loans which are not specifically low rate home loans, the interest rate offered can be almost 1% lower.
  • A variable interest rate. A low rate home loan will also often require that you are charged a variable interest rate on your mortgage. This means that the interest rate on your loan may fluctuate as official rates rise and your lender raises their standard variable rates too. At the same time a variable loan interest-rate home loan also allows you to take advantage of drops in the official rates.
  • Shop around for fixed rate periods. Some low rate home loans will also offer you the option to fix your low rate for a set period. A fixed interest rate gives you the security of ongoing low repayments, which you know will be the same each month. The fixed rate periods on low rate home loans are typically for shorter periods and where you may normally be able to choose a fixed-rate period of up to 10 years, on a low rate home loan you may only be able to choose a period of three years.
  • Few other features. Lenders can afford to offer such a low rate because these loans do not have a myriad of other features which they have to maintain for you. Don't expect a redraw facility, an offset account, loan portability or other features which are commonly included now on more standard home loans. If you want both a low rate home loan with features which can help you manage your mortgage, shop around for the combination which suits you.

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Benefits of low rate home loans

While you may be wondering whether you are suited to foregoing typical home loan features in favour of a lower interest rate, consider whether the benefits of a low rate home loan would benefit you in your situation:

  • Lower repayments. With a lower interest rate you are required to make a lower monthly repayment because you have less interest to repay. This may suit you forward your first home loan if you want to adjust easily to being mortgage holder, or you may choose to consistently paid more than the minimum amount, to repay your loan sooner.
  • Less impact from official rate rises. Even though most low rate home loans have a variable rate, if your loan interest rate is starting out lower, then it is going to take more time and more rises for it to affect you.
  • A low fuss easy to manage mortgage. If you like things to be straightforward and simple than a low rate home loan may be the best for you, because you don't have a range of new loan features. Loan features can be confusing, as you need to remember to use them to get the full value out of the fees you pay. Instead you can simply make your monthly repayments and pay off your mortgage simply and easily.
benefits of low rate

Marc Terrano

A passionate publisher who loves to tell a story. Learning and teaching personal finance is his main lot at finder.com.au. Talk to him to find out more about home loans.

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Related Posts

ME Basic Home Loan - LVR <=80% Owner Occupier

A low variable rate loan with no application or ongoing fees.

NAB Choice Package Home Loan - 3 Year Fixed (Owner Occupier)

Receive discounts on interest rates with the Choice Package.

Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)

Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.

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